What just happened? In what was looking like an increasingly inevitable outcome, Jensen Huang has resigned as CEO of Nvidia. It comes after reports that Huang had an extramarital affair with a woman suspected of being a Chinese spy, followed by a more recent revelation of a second alleged affair with Nvidia's VP of health care, Kimberly Powell. Colette Kress, the company's current executive vice president and chief financial officer, will take over as interim CEO.
"Nvidia Board of Directors announced today that Jensen Huang has resigned as President, Chief Executive Officer, and a member of the Board, effective immediately," the board said in a statement. "Colette Kress, current Executive Vice President and Chief Financial Officer of NVIDIA, has agreed to serve as Interim Chief Executive Officer. Kress will continue to serve as Executive Vice President and Chief Financial Officer while serving as Interim Chief Executive Officer until a permanent successor has been named. The Board is initiating a search for a permanent Chief Executive Officer and will consider internal and external candidates."
The billionaire CEO's troubles began when reports emerged that Huang had been involved with Alice Huang, a former executive at Singapore-based data center company Megaspeed International. US intelligence officials believe she was working for China's Ministry of State Security, tasked with gathering information about American AI technology and potentially influencing Nvidia's boss to push for fewer restrictions on advanced chip exports to China.
Huang admitted to the extramarital affair on November 8, apologizing to his wife, family, and colleagues. Nvidia's board launched an independent investigation into whether any company secrets or national security interests had been compromised, although it said there was no evidence this had happened.
Things quickly went from bad to worse. Nvidia's shares fell almost 5% following the admission, wiping around $190 billion off its market value in a single day. A class-action lawsuit was also filed against Huang and the company, accusing them of misleading investors by concealing the relationship.
Nvidia shares have now plunged to around $158 following Huang's resignation, their lowest level since July 2025. Nvidia's market value has crashed by $2 trillion since the stock's peak in early October. It's starting to look like the AI bubble could burst sooner than many expected.
Then came another revelation, one that seemingly sealed Huang's fate. On November 11, reports emerged of a second affair, this time with Powell, who reports directly to Huang. The relationship raised questions about potential violations of Nvidia's code of conduct.
Despite expressing confidence in Huang just three days earlier, Nvidia's board reportedly met on Wednesday to discuss removing him. His resignation ends his 33-year reign as the company's only CEO. Huang co-founded Nvidia in April 1993 alongside Chris Malachowsky and Curtis Priem.
Huang is known for having a close relationship with President Donald Trump, having joined his technology advisory council earlier this year. The Nvidia boss has repeatedly praised Trump's policies and successfully pushed the administration to loosen restrictions on AI chip exports to China. Trump even awarded Huang the National Medal of Science in October. The president defended Huang after the affair allegations emerged, calling him an "honorable guy" who had done an "amazing job" for the country. Trump later said Huang had assured him he knew nothing about Alice Huang's alleged espionage activities, a claim the president said he believed.
Huang also accompanied Trump on a trip to China, and in August, he took a call from the president while discussing AI safety and regulation on stage at the All-In Summit, putting Trump on speakerphone for the audience to hear.